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After Story Breaks, FBI Raids Several Hedge Funds

A minute ago the headline on this WSJ article read, "FBI Raids Two Hedge Funds Amid Insider-Trading Case." Now it reads, "FBI Raids Three Hedge Funds Amid Insider-Trading Case" and in ten more minutes, well, you get the point. The cat is now out of the bag and federal authorities are wasting no time leaping into action.

Over the weekend, the WSJ reported that criminal and civil authorities were preparing to launch insider trading charges against a sweeping list of Wall Street entities including "consultants, investment bankers, hedge-fund and mutual-fund traders, and analysts." The WSJ added that the charges would allege "a culture of pervasive insider trading in U.S. financial markets, including new ways non-public information is passed to traders through experts tied to specific...

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